Income Contingent Repayment and Forgiveness

Through the Income Contingent Repayment (ICR) and Forgiveness program, qualifying applicants may be able to get some form of student loan forgiveness after 25 years of repayment. Continue reading to see how you may be eligible to get forgiveness towards your student loans.

Eligibility?

In order to be eligible for the Income Contingent Repayment (ICR) and Forgiveness program, you will need to have made 25 years worth of eligible payments or 300 payments under the income contingent repayment (ICR) program. If you have met this requirement you may be able to qualify for forgiveness.

As with other income-based repayment programs, your payment amount is calculated each year and is based on your annual income (this would also include your spouse’s income in the event that you file jointly), your family size, and the total amount of your federal student loans. Payments are capped at 20% of your discretionary income.

What is the award amount?

Through this program, you may be able to have up to 100% of your outstanding balance forgiven after 25 years of consecutive payments. For common questions regarding this program please head over to the official program website here.

What loans qualify for Income Contingent Repayment (IBR) and Forgiveness?

Through the Income Contingent Repayment (ICR) and Forgiveness, the following loans will be accepted:
• Direct Stafford loans
• Direct Grad PLUS loans
• Direct Consolidation loans (including those with Parent PLUS loans)

For a full breakdown of this program as well as common questions you may come across through your application, please head over to the official government website.

How to apply?

In order to apply for the Income Contingent Repayment (ICR) and Forgiveness, you will need to submit an electronic application through this official form.

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